Talabat Raises FY2026 Guidance Despite Q2 Profit Drop

In Short

• Talabat raised its full-year 2026 guidance after a strong first half.
• Q2 net income fell 18% to $100 million as it spent more on groceries, loyalty, and its “everyday app” push.
• The company also flagged a potential ownership change if Uber completes its proposed acquisition of Delivery Hero.

What Happened: Talabat FY2026 Guidance And Q2 Results

Talabat told investors it now expects 2026 GMV growth of 13% to 15%, up from its earlier 11% to 14% range. GMV is gross merchandise value, the total value of orders placed on the platform. It also guided for 16% to 18% revenue growth.

For profitability and cash, Talabat guided to adjusted EBITDA of $535 million to $565 million, net income of $325 million to $355 million, and free cash flow of $400 million to $430 million. Adjusted EBITDA is profit before interest, tax, depreciation, and amortisation, with some one-off items removed.

Q2 results showed the trade-off behind the higher spending. Revenue grew 16% to $1.1 billion, and GMV rose 11% to $2.9 billion. Adjusted EBITDA fell 13% to $147 million, and net income fell 18% to $100 million.

Talabat said margins slipped as it continued a $120 million strategic investment programme focused on groceries, loyalty, and building an “everyday app”, meaning a single app meant to cover more daily needs beyond restaurant delivery.

Why It Matters: Delivery, Quick Commerce, And Ownership Risk

Talabat’s update shows how delivery platforms are trying to grow beyond food into “multi-vertical” services like groceries and convenience. In Q2, multi-vertical customers generated 75% of GMV, and more than one in four active customers subscribed to talabat pro, its paid membership plan.

The company also disclosed a key corporate risk. If Uber completes its proposed acquisition of Delivery Hero, Uber would likely become Talabat’s new indirect majority shareholder. That could affect strategy, capital allocation, and how Talabat competes across the region.

Talabat also started a share buyback and said its dividend policy remains a 90% payout ratio, with an interim dividend expected to be announced in September and paid in October.